Medical Device Contract Research Organization Market Size Worth $12.1 Billion By 2028: Grand View Research, Inc.

Medical Device Contract Research Organization Market Size Worth $12.1 Billion By 2028: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Jan. 12, 2022

SAN FRANCISCO, Jan. 12, 2022 /PRNewswire/ -- The global medical device contract research organization market size is expected to reach USD 12.1 billion by 2028, registering a CAGR of 8.6% from 2021 to 2028, according to a new report by Grand View Research, Inc. During the second half of the COVID-19 pandemic in 2020, the market witnessed a surge in demand for CRO services as compared to the first half, where the growth was stagnant.

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Key Insights & Findings from the report:

Read 120 page market research report, "Medical Device Contract Research Organization Market Size, Share & Trends Analysis Report By Phase (Preclinical, Clinical), By Service (Regulatory/Medical Affairs, Clinical Monitoring), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028", by Grand View Research

The main driver of the market includes time-saving, cost efficiency, and expertise in the area, which accelerates the process of devices reaching the market. In addition, outsourcing to a CRO with precise expertise in a medical device helps in meeting the complex regulatory requirements and audits as they work on it on a daily basis.

They also have access to the most advanced technological resources, such as all the latest and most advanced hardware, software, and internet-based applications, to make the process fast and maintain quality. The presence of well-established players, mid-size firms, and a number of new start-ups offering great opportunities are also contributing to the medical device CRO market growth. Moreover, the focus of the regulatory authority towards the treatment of the disease and funding in the medical device market has increased for the rapid testing, production, and manufacturing of medical devices required for the treatment of COVID-19 infected patients.

Market Segmentation:

Grand View Research has segmented the global medical device contract research organization market on the basis of phase, service, and region:

List of Key Players of Medical Device Contract Research Organization Market

Check out more studies related to medical and healthcare CRO, published by Grand View Research:

Browse through Grand View Research's coverage of the Global Medical Devices Industry.

Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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